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Author/Editor:
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N'Diaye, Papa M'B. P.
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Publication Date:
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December 01, 2010
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Electronic Access:
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Free Full text
(PDF file size is 1,229KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
China is poised on the brink of a transition to a service-based economy. The Japanese experience of the 1980s provides several insights about the way to manage such a transition and the downsides to avoid. In particular Japan offers useful insights on (1) the limits to an export-oriented growth strategy; (2) the role of exchange rate, macroeconomic policies, and structural reforms in rebalancing the economy toward the nontradables sector; and (3) the risks associated with financial liberalization. The similarities between the Chinese economy today and the Japanese economy of the 1980s make these insights relevant for China. However, with the benefit of analyzing the Japanese experience and, given the important differences between the two economies, China should be able to successfully rebalance its growth pattern while avoiding the downsides encountered by Japan.
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Order a print copy
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Series:
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Working Paper No. 10/284
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Subject(s):
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Bank supervision | China, People's Republic of | Cross country analysis | Current account surpluses | Demand | Economic growth | Exchange rate adjustments | Export markets | Financial systems | Japan | Private consumption | Savings | Services sector
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Author's Keyword(s):
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Plaza accord | asset bubble | and growth rebalancing. |
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English
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Publication Date:
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December 01, 2010
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Format:
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Paper
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Stock No:
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WPIEA2010284
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Pages:
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20
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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